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  FOX Business    Varney Company    News/Business.  
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    October 29, 2013
    9:20 - 11:00am EDT  

♪ >> if you like your health care plan you'll be able to keep your health care plan period. if you like your doctor, you can keep your doctor. if you like your health care plan, you can keep your health care plan. if you like your health care plan, you can keep your health care plan. stuart: not so, mr. president, absolutely not so. 10 million will lose the health care plan they like and which they chose. good morning, everyone, and yes, the administration did know that millions would not be
able to keep the plan they like. it was written into the obamacare rules three years ago. there is political and economic fallout from this and we are on it. today obamacare faces the music on capitol hill. marilyn cavanaugh testifies, she runs medicare and medicaid and she was at the white house 400 times and met with the president himself. what if anything will she reveal? we'll take you there and then there's apple, watch this stock very closely today. profit down, but the holiday outlook is bright. will take off? we will have legends from the country music. "varney & company" is about to begin. when we made our commitment to the gulf, bp had two big goals:
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>> here is what you're waking up to this morning. it's the big story. the administration knew that 10 million people would lose their insurance under obamacare and
they knew it three years ago and here is the response from the mainstream media. first of all, dana millbank in "the washington post," for a smart man, president obama professes to know a great little about many things going on in his administration. and this from the wall street journal's bret stevens, call mr. obama's style aloof or irresponsible, but a president who governs like this reaps the whirlwind, if not for himself, then for his country. remember, the report about the 10 million people losing coverage came from nbc, a mainstream tv network, usually very sympathetic to the president. why are they turning? because of stories like this. neil cavuto's guest natalie willis had one of the lowest cost plans offered by her insurer, $199 a month. $1500 maximum deductible. she liked it, she wanted to keep it. not under obamacare. >> they're offering $278 a
month. 1600 out of pocket deductible and covering 70% of my costs after that. now i'm definitely in a position i'll be bankrupted if i get ill or seriously injured where i wasn't before. stuart: yes, you heard her right. bankrupted by obamacare. we're talking about this throughout much of the next 90 minutes, it is the big story. all eyes on apple. this stock may take off, just watch it today very closely. but first this. not a good night for st. louis sports. the cardinals losing to the red sox, 3-1. boston one win away from win the world series and the st. louis rams losing to the seahawks on a goal line stand in the final seconds. both games were played at home. ouch. [ male announcer ] what if a small company became big business overnight?
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i don't buy this. i just don't buy that everybody's waiting for the big fed decision tomorrow afternoon. i think everybody knows there's no way they're going to quit printing money anytime soon. are you with me on this? >> i would totally agree. i think that's what we're going to hear from ben bernanke. it's going to be more of the same. the president is talking about he's waiting for the economy to improve and the situation to improve. i don't see it anytime soon. with that being the case sitting here in the s&p futures behind me opening up on a new record high again. stuart: thank you, i'm glad you dealt with that fast. the real action is elsewhere, it's not at the fed, it's on the big board and it's at apple. first of all, the big board. dow jones industrial average opening 11 points higher. 15,580. wait until we get going, you could see a bigger gain than that. apple, profits were lower and they made 7 1/2 billion dollars in 13 weeks. 33.8 million iphones shipped.
14 million ipads and look at the stock in the very, very early going. that thing is up 7 or $8. let me remind you, when those numbers, the profit numbers came out at 4:00 yesterday afternoon. the immediate reaction was the stock went down 15 to $20 per share and that's now been rethought and we're up $8. almost $9 at 538. shah galani is here and liz macdonald is here. first, shah, to you. apple looks like a terrific fourth quarter as they run up to the holiday period. they have he got interesting products. do you think it's going to take off? >> i think it's made a great move. up 16% from when we got in. you've got a floor under the stock with icahn support for additional buyback and a substantial buyback program on the way and i think the stock is yet to see a deal with china mobile. they've got 30 million users who use the china mobile
service who don't buy phones through china mobile. if they constructed deals through china mobile, i think it could explode in china. stuart: tell me about the cool factor, liz? very soon they've got this, what is it, the ipad air. it's very, very thin, it's very light weight. a lot of people, i think, will want to upgrade to that. i see that as a huge plus to the stock. >> i see it as a huge plus. stuart: are you going to say "but"? >> no, apple is the porsche of technical devices, ipads and i'm seeing the market overreaction, the reason it's an overreaction, it launched the latest iphones in the last few weeks and last days of the kwaert. we have yet to see the sales effect and that you'll see in the next quarter. basically, i think that apple, the cool factor, not just the new products, but the new products coming down in the
pipeline. and it could be, i'm watching this closely. whether or not apple introduces a product that looks up to your desk and car that would be cool. siri tells you in a map function or tells you what restaurants to go to from your dashboard, that would be something that would take off like a rocket. stuart: would you use that? >> i would. up on the screen display like the fighter pilots have. that would be terrific. so if their legacy products are doing well, stuart: and apple was up 8 bucks but i think pulled back to 5 bucks and watch that and see where it goes. bah being to nicole, tesla, you know, there was another fire involving a tesla, i think the model s, it was in mexico, the car crashed into two walls and a tree and catches fire and you can expect that kind of thing
when you have that accident, i guess. not affecting the stock. nicole: it's interesting. and you remember the reporting of the fire in mexico. last time they reported the fire of a model s, we saw the stock tanking. today a different story, either people don't have word on it yet or they just don't really care this time because elon musk made it known that the model s is very safe. it actually talks to the drivers and gets them out safely and also noted that regular cars that use gasoline catch on fire at impact all the time. so it doesn't seem unusual, why should you expect anything different from the tesla? >> let's not forget if you hit a couple of walls and a tree any kind of car you drive, it might catch fire. nicole: and you're even on your john deere tractor and hit a tree and wall. two quick points. the firefighters have a tricky time putting out the electric car fires, that's number one. and the tesla came out and once again, made it statement in this case, saying the driver
was quickly contacted and safe and he had no permanent injury and loves his tesla. he was under the influence as well and driving very fast. stuart: now she tells us. >> and would you drive your tractor into a wall? >> the subject is totally over. tesla, tractors, forget about it. i've got two more-- >> i've made you laugh and you're speechless. stuart: let me recover fast. two more big names and you know them. global sales down at pfizer, hurt by the generics of lipitor. and it's up. and government funding cuts hitting a private business. not down much. charles' pick, big on this one. michael kors added to the s&p 500. where is the stock?
>> the stock is to the upside. michael kors is doing great, dealing market share from coach. and it will go into the s&p 500. what's coming out? nyse euronext because of their deal with ice. the stock is doing great with the property managers on the index. stuart: we've got an interesting market, we're know you up 55 points at 15,628. i don't know how close that is to the all-time high. >> a breath away. stuart: a breath away, very, very close. and then there's this. double-dip. what double-dip? home prices in the month of august, according to the case-shiller report up 12.8% year over year, in the 20 city index. home prices rose in august according to case-shiller. and the best performance since 2006 of all times. well, there you have it. and what double-dip you might
ask? i don't see it. >> i don't see a double-dip. >> i'm increasingly concerned. wednesday, new york sees a road show for what he is going to be the first ever reo real estate owned to rental securitization deal. blackstone is essentially securitizing, monetizing some of the 7 1/2 billion dollars worth of rental homes know not foreclosures, and to rent. and packaging that. >> meaning it's cheaper to rent, meaning for consumers it's cheaper to rent than to buy. is that what's behind that? >> it has been cheaper to rent, but it's fairly equal because the rental prices have risen and i'm concerned about the numbers in terms of depreciation of home prices. who is really going to buy? it's been institutional buying. something like a short squeeze. stuart: they're got the bargains. they're paying price, and maybe, 10, 20% over offer price. stuart: now, facebook's photo
sharing site instagram is running ads and all things d say that snap chat could be valued at more than 3 1/2 billion dollars. snap chat, let me deal with that first of all. they send pictures, you can send pictures, photographs around and when you get them. they disappear after a few seconds. all right? and that gives you a sort of degree of anonymity. and that's how the youngsters communicate, do you like snap chat. >> you've got disappearing revenue. something on your screen for technology, i don't see having something on the screen for ten seconds, providing power to advertisers. stuart: can't get away from it. >> i'm sorry, i'm torturing you morning, i apologize. stuart: let me go back. let's remember that if you get-- receive a picture on snap chat, you can indeed take a screen shot before it disappears?
>> apologize, i'm so sorry. >> i believe that it does take a screen shot of something that you receive from snap chat. you get notification that someone has taken a screen shot of that. >> and what, does their phone blow up like mission impossible. >> no, a call from the friend, please don't keep that, i didn't mean to send that. stuart: and 15-6 a breath away from an all-time record high on the dow jones industrial average. now, the other big story of the day is we're going to have much more on obamacare, the true mess. 10 million people are going to lose their coverage. and the administration knew about it three years ago. liz macdonald has all of this for us, just one moment, right after this break. (announcer) at scottrade, our clients trade and invest
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>> will you look at this? 56, 57 points higher. 15,626. that's where we are, now, as we've said throughout the program thus far. we're following apple, very, very closely. it has moved to be dead flat and actually now it's up a buck 70, it was up $8 and we are going to watch this thing all through the day. all right, now let's get to, where are we now. the gold report. we're down $4. gold is in a holding pattern. here is the big story, the administration has known for years that more than 10 million people would lose their health plans. despite promises from the president saying the exact opposite. liz is here and she says that several government agencies, several of them, knew years ago that these people were going to be kicked off their plans,
yeah? >> several important agencies enforcing the new law, meaning the treasury, irs, hhs and the labor department. now the administration is out attacking nbc and other media outlets reporting facts out in the irs bulletins and the federal register about the new law. here is the deal, the bottom line. basically they were looking at market analysis that says a percentage of people basically turn over. they don't want their plans and ditch their plans and get new plans. when the individuals get new plans, the new plans may not meet the standards set down by the health reform laws, co-pays, coverages for preventive services and the like, the quote is in the federal register, which is the book that the government puts out showing the new laws, and rather the new regulations and the percentage of individual policies losing the grandfather status. meaning, they would lose the status of being qualified, could exceed 40 to 66, 67%. stuart: of the 14 million
policies out there, up to 60%. >> 66% or 67%. stuart: some say higher, some say 80% could be kicked off the policies that they've already gotten, that would be in the neighborhood. 10 million people. >> right. that 10 million is what was stated by the irs and it's in the government documents in and around the time the law was being crafted. stuart: the irs stated that 10 million, that's the number? >> yes, the irs and the department concluded 2010, it could exceed 10 million individuals. stuart: now this morning the white house is putting out their line, putting out talking points. they say-- >> it's the insurers. stuart: it's the insurers, they're gouging you, the health insurers that are doing it. >> it's not the insurers, that's self-deceiving on the part of the administration and the deputy press secretary and people like valerie garrett. it's because the agencies who were tasked with enforcing the law got the market analysis in places like robert woods johnson, found there was high
turnover and found the turnover by individuals with their health plans, that when they got new plans wouldn't meet the standards set down by the law and they found the analysis is already out there. stuart: 10 million people. >> could be more people. stuart: it's a totally broken promise from the president. >> that's right. stuart: you can keep your doctor, you can keep your plan. >> i think he's kept his promise because what he's done in a sense, he's taken the public good and handed it over to private enterprise. so the insurance companies are going to get some of the turnover and they're going to benefit by this, but this is perhaps a promise that he made to them. >> and you can't cancel the plans because they're grandfathered. >> because there's going to be a lot of turnover in the industry and some companies will benefit and some will fall by the way side. stuart: look at the investment side of it. are you buying the health insurers? >> no. expect to do well by kicking people off the policies and giving them more expensive policies. >> we did cast a few of them and a nice run-up. the market has got kind of to
topey. if you look at big gainers from obamacare, they've fallen and rolled over. i wouldn't touch any of them. >> do you think the insurers will benefit under obamacare? >> some will, those who adapt will benefit. we don't know where the law is finally going to end up. it's certainly in a state of flux and there are too many unphones for us to get involved. >> too many unknowns. stuart: back to the overall market for a second. the all-time closing high for the dow stills was obviously, 15,676. we're now at 15,624, do the math real fast, stuart and you're looking at about 50 points away from an all-time high. and that would be an intraday high, i do believe. let's not mess around with the distinctions. we're close to an all-time high for the dow jones industrial average, everybody. not bad. we're going to put the politics of obamacare off to the side for a moment and we're going to talk about the economics of it. my take on the impact of the
obamacare mess is next. here is an m-- here is a hint. it's a disaster. ♪ i see a bad moon rising ♪ i hear hurricanes blowing ♪ i know the end is coming soon♪ ♪ i feel the river overflowing [ male announcer ] need help keeping your digestive balance in sync?
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♪ >> briefly take a quick look at good year. now, they're an industrial company if ever there was one. lower chemical sales, down it goes, that's industrial america, down 6% at goodyear. we talk a lot about tech on this program. coming up in the next hour, netflix, it wants to release movies on day one, blockbusters viewed right now on netflix. is that the future? good question. plus, one of the biggest stars in country music, trace atkins is here, he's got a new christmas album and his story is a true american blue collar success story. here is my take on obamacare. the economic impact. bad and getting worse by the day. all those insurance plan cancellations will have a terrible impact on the economy.
just let me spell it out. 10 million people are going to get a letter from their insurer telling them that the plan they chose is being discontinued. now, that's bad enough in and of itself, but there are real consequences and those people will have to pay a lot more. bigger deductibles and new payments every time they visit a doctor. that's a lot of money sucked out of the private sector. many of these 10 million are small business owners. are they going to hire more people and invest in expansion? it doesn't stop there. counselless businesses have switched to part-time employees. others have limited the number of full-time employees. medical device makers have stopped expanding because of the new tax they have to pay. all of this is a direct result of obamacare and it's hitting the economy when unemployment remains very high, the debt is astronomical and growth remains at a miserable 2% or less.
do not expect this president to take responsibility. he will blame the republicans for the shutdown and he'll blame the shutdown for the slowdown, but forget politics, forget it for a second. the point is that obamacare is going to hurt the economy. it's going to hurt when we can least afford to take another hit. i really want to end on a positive so i will engage in wishful thinking. suppose that democrats in the senate come to understand that obamacare is a disaster and they kill it? now, i know, highly unlikely, but i'm speculating here. but can you imagine the growth that killing obamacare would unleash? can you imagine it? i live in hope. [ music transitions to rock ]
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so the turbines of today... will power us all... into the future. ♪ >> tuesday, october 29th. and the obamacare disaster rolls on. and the president, he knew nothing about it, or benghazi or anything. and here with us today, arthur brooks a leading conservative thinker and he'll confront this question, is obamacare socialism? the judge is here, too, and he confronts the big question of the day, is the president telling the truth on obamacare? we also have trace atkins, you've seen him helping wounded warriors. you'll see and hear him on this program today. apple, general rack, sears, you
stop there lately? we cover it all. here we go. ♪ >> right there, right now, on capitol hill, medicare and medicaid chief marilyn tafenner about to testify on the obamacare. and she visited the white house more than 400 times in the last four years, we're monitoring the hearing and we'll bring you any highlights when they happen. staying on capitol hill. here is marsha blackburn on the commission that will grill kathleen sebelius tomorrow. welcome back to the program. >> thank you. stuart: you've got a lot of exposure recently on tv, i've been watching you on all kinds of networks and you're highly critical of kathleen sebelius, we know that. i say that the president will never fire her, will never ask her to step aside and she will not volunteer to step aside.
am i wrong? >> well, i think that regardless of all of that, whether she stays or whether she goes, what we want to do is find out how much money they've been on this website, who was actually supposed to be coordinating and integrating all of these portals and these stove pipes and we want to know past, present and future, what this is going to end up costing the american people. you know, the incompetence is absolutely staggering, and seeing this kind of incompetence in a website certainly does not lend any confidence whatsoever that they can protect your privacy or they can deliver health care. >> now, ten democrats in the senate want the extension-- want an extension beyond march 31st of the enrollment period. they want it extension above and beyond that. i'm sure members want the same
thing. are you going to get it. >> hr 2809 is the delay of all things obamacare and i have to tell you, stuart, there are more people, democrat and republican and independent, who are now saying that would be a wise move, the way the website has rolled out, the uncertainty in the insurance marketplace, the providers with the uncertainty that is there. it's time to just suspend all of this and kind of take a stock of where we are and what all has happened and figure out where all the problems are. people can't get access to the information. they're losing their insurance, but they can't find out about what is there to are obamacare. >> well, if you've got a delay of, as you say, all things obamacare, i hope you can hear me, i know you've got trouble with your ifb now. >> yeah, i'm sorry. stuart: no, that's okay. if you want to delay all things obamacare, would you also roll
back the extra taxes that have been imposed upon us because of obamacare to fund it? would you? >> right, and this is -- this is what would be good about doing that one-year suspension of the president's health care law. you suspend everything, whether it's the taxes, the fees, the penalties, or the implementation of the law. the thing is, 1700 wavers have been given. there have been 20 delays of the law, portions of the law by this administration. so, it just makes common sense to step back, have a suspension of this, and then a reassessment. and then decide what needs to be done to begin to straighten this mess out. stuart: okay, marsha blackburn, always a pleasure, thank you for coming to see us today. >> good to see you. stuart: and i'm sure we'll talk with you after you grill kathleen sebelius. i'm going to stay on obamacare,
this is a big story. we have the president of the american enterprise absolute with us. arthur, you're among the top policy thinkers out there. i've heard this a lot. is obamacare a form of socialism? >> well, obamacare is not a form of socialism per se, but it's part of an effort to socialize medicine, which is obviously a big part of the american economy. to say that obamacare is socialism is obviously an incomplete answer. i think a better answer is what are we on the way toward? and this is a strategic question for republicans today. and the republicans are tactically trying to hack on the tree of obamacare thinking it's about to collapse and you were talking with marsha blackburn a minute ago and we have to be careful. when the thing falls, strategicically, it's a matter of sort of like the tree falling on your own house. when it falls down, it has to be fixed and it will be fixed at the idea from the left is to fix it toward a single payer
system which would be a socialized medicine system. >> is it collapsing as we speak? >> the implementation is collapsing. they can't even keep a website up for it. the system itself will be in a sort of systemic collapse when people don't sign up for it, and enough people are thrown off of coverage, and you have hundreds of thousands and even millions of people who are losing their coverage and it's self-evidently the case that it's not true that you could keep your insurance, that would create a public opinion collapse that matches the systemic collapse of the system, but again, when it collapses, what's going to happen? you know, will it collapse into hillary care, 1994 style? let's remember who wants to be the next president. this could be the biggest-- this could be a much bigger nightmare for the right if they're not careful. but the next form of obamacare, if the current form collapses and you're right, it goes on to an attempt at some form of single payer, that would never pass congress, would it? ever? >> well, this is the point. when we talk about winning
elections. and the-- i understand all of the i am p poe-- impetus to stop the policies, but the only thing the way it will be stopped by republicans is by winning elections. recall, when one party has all the real estate in washington d.c., they can do an awful lot. obamacare went through when the democrats had both houses of congress and the white house, if they have that again, this could turn from obamacare into single payer pretty quickly. >> okay. dually noted. arthur brooks, thank you for joining us, much appreciated. >> thanks, stuart. check the big boards, we add consumer confidence numbers out, a lower reading than expected and we come down a little on the dow. well, we were up 50 of 60 and now we're up 35, 36. charles, that's not a big impact from consumer confidence. charles: that's not a big impact. and the consumer confidence numbers out of sync for a while.
stuart: i'm sorry to jump in. but what does it tell you about the economy going forward? if consumer confidence is declining now? >> the about and real new paradigm in consumer confidence. we've peaked in 2000 along with the stock market and the stock market came back in 2007, consumer confidence did not come all the way back. this time the stock market's at an all-time high consumer confidence is even lower than it was in 2007. the reflection is that people are spending money that they make, but they're not borrowing money. credit card debt went down three months in a row, so this is why we get the slow-growth economy. people haven't bought into anything. automobile sales, the easy comparisons are over. really, we've got a country where a lot of people are standing around listen, i've got a job, i'll spend the money i have, use my debit card, i'm not going back into debt because i don't trust what's going to happen around the corner. stuart: and i repeat, the 10 million people who are going to lose their plan have to go to a more expensive plan, i think that's very bad news. charles: that's part of the dark cloud.
that's all part-- we talk about the dark cloud holding businesses back 2 trillion dollars. this is a dark cloud holding the american consumer back from doing things like starting a business, buying a house, even using a credit card the way they used to. stuart: quickly to nicole. sales at sears falling and they're closing five stores in canada. the stock is up, you want to explain that. nicole: they're in a turn around plan and they're falling not just since today, but 2005, facing competition from target, wal-mart, amazon and their plan now is to ininspect off lands' end. you're familiar with lands' end and competes with l.l. bean and the bags and the like. and they're sitting on lands end and that's part of the idea here and also looking for outlets for their auto business to see some strategic options to the auto business and really focus on the core business of sears and kmart. in the meantime, stocks are up 5 1/2% and this is after the declining sales we have been talking about in 2005. stuart: once you're on there, i don't think you can see it,
we're running pictures from inside a couple of sears stores. and one of the analysts of sears and they don't paint a pretty picture. it's a disorganized store to say the least. the stock is up. nicole: if i walked into a store and looked like that, i'm not picking something up. that's craziness. stuart: charles. charles: the only thing that held it up, eddie lampert. i think this would have collapsed more than it has already. stuart: let's get back to technology, big story of the day. technology. we thought that apple would really take off earlier. i see now that apple is actually down 4 points. it was up 8. i'm going to get back to that in a second and staying with tech. ever wish you could skip the theater. just watch a brand new movie on the day it comes out from the comfort of your own home? netflix is about to do that, that's what they want to do. sandra joins us. it sounds like this is the future, and a movie is released
by hollywood and you see it in your own home vn the day it's released. that's the future to me. >> that could be the feature. and there's no major announcement here yet, but this is something that certainly a lot of consumers would hope for. quite frankly, many of them are sick of sitting down to a $25 ticket at a movie theater. buying $20 worth of coke and popcorn. so, people are fed up with that, but, stuart, netflix is putting up big numbers. today, it's at $315 a share. it's got 30 million subscribers, you pay about $8 a month for their streaming feed. you would potentially be looking at, as a netflix customer, a higher monthly fee if they were to try to get these box office hits in and skip the theaters. they would have to pay the movie production company, millions, millions of dollars in order to do this, so be careful what you wish for. if you're a netflix investor it
might sound good in concept and they might have to start charging their end user more if they're going to put up the big bucks. stuart: that's interesting, what do you say, charles? >> they may have a way of working it out. an a la carte model. there's going to be a giant pushback against this. netflix is selling it as a way of-- saying listen, because you have limited space in movie theaters, great movies aren't being made and even when they are made they're not distributed properly. so they're kind of going at it from a different angle. they're going from a cultural aspect we can help the country put out a lot more great movies and widen the industry if you use us as a distribution channel and then we'll talk about the money later. stuart: i just see this as the future. streaming is king. charles: there was a time. a couple years ago they came out with the dvd, the same day as the movies. i guess it was a bust. that's what technology is about, greater access, faster access and you know, of course, i watch a lot of movies on cd's
and i have to wait two or three months. stuart: you'd sit on that great big couch of yours and churn out the popcorn free, you'd do it. charles: that's what i do now, instead of waiting three months. stuart: i've got to get back to apple. remember, please, they made over 7 million in profit in the last quarter and wall street kind of yawned and took the stock down. it came up 8 points this morning and now it's down 290. 526 on apple. shah galani said earlier he thinks it's going to take off. we were following it like a horse race at the opening bell. i think it might still. and you? >> i don't know if i would use the word take off, the bias to the upside. i think it's at an inflection point, but to your point, wal-mart, bmo raised the target. lazard raised from 570, susquahanna and baird buy from hold. j.p. morgan sees the catalyst
coming soon. and target 590 was 550. and target 535 was 550. rb c590 was 550. these are small incremental increases. nobody says a $1,000 stock because they were be using the word takeoff. stuart: yeah, but they got burned with $1,000 predictions not long ago. charles: burned is the understatement. stuart: is the president telling the truth about obamacare? what if he's not? the judge is ready to weigh in on this very big deal and he's next. ♪ you made me promises, promises♪ ♪ [ male announcer ] it is more than just a new car...
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what? we've got big transitions there and the earnings have been phenomenal, but it's also the stocks that had a huge move. stuart: you're diffident. charles: i with a nt -- want to be fair and let people know. stuart: you're a fair guy. charles: protecting your back side. stuart: and let's get something serious. for years we've been hearing from the president, if you like your plan, you go et to-- get to keep it. now we're hearing 10 million people will lose coverage and the white house knew this. so is the white house telling the truth? judge napitano is here. you notice i said the administration, the white house, not the president. >> well, if i may, i would extend it directly to the president. because the president said this emphatically and he used a word
that we often use to emphasize the seriousness and precision with which he spoke. here is what he said, if you like your doctor and if you like your health care insurance policy, you can keep them. here is the word "period" now most sentences end in a period, but when the speaker uses the word "period" they're emphasizing the literal truth of that which preceded the word. we now know that that was wrong and we now know he knew it was wrong and we know he knew it when he said it. we know this from e-mails that megyn kelly revealed on her show last night which we've seen intergovernment e-mails. this is fascinating-- >> are you sure that the president knew that you couldn't keep your plan? 10 million could not? this is the president. >> i don't know personally what the president knew any more than i know if he knew that when he spoke to angela merkel from his cell phone to her cell
phone that the nsa was listening to both of them. i don't know what he knew and when he knew it, but i know when he has an obligation to know and if he has an obligation to know something and willfully doesn't know it, then he's not doing his job. for him to say i know that you can keep your health care, i know that you can keep your doctor, period, when he doesn't know it, he has materially misled us without any consequenc consequences. charles: to the point of running upon this, i mean, this is not something i would say in passing once or twice. this was the key focus of the campaign and the democrats continuously say, hey, we're won on obamacare so leave it alone, but you won on a lie. >> charles is correct 100%. how can we not lie to the government, like martha stuart. her lawyer said is my client a
target of the investigation. the fbi says no. and the fbi asked her a question, she lies. what's the ultimate outcome? she goes to jail and the fbi agency is on the job. how is it that the president can blatantly lie to us, but if the citizen lies, the citizen goes to jail. stuart: i can't explain why, but i think the end point may be that the president loses his political credibility and that the establishment media turns against him. >> and they have begun to do so. if you look at "the washington post" in the past two days, they are aggressively pursuing this. stuart: this story of 10 million people from nbc, the cheerleaders of obama. >> the use of the word "period" implies what i told you is absolutely certain, take it to the bank. stuart: real fast, i've got to talk about the virginia gubernatorial he ooh-- election. the democrat has 40% and the republican has 35% and a
libertarian has 10%. >> yes e i blame you for the mccollough victory because the libertarians are splitting the vote on the right and allowing a collectivist to walk in the doctor. >> and he is a collectivist and in my opinion corrupt, not in that sense, but crony capitalism. and libertarians often take votes from liberals because libertarians in this sense mean what they say on-- >> any splitting on the right. >> rand paul for kuch nellie. stuart: and you're not taking any responsibility? >> quite a few wakeup calls,
hear the wakeup calls. stuart: the wakeup call they're going to get is cuccinelli is going to lose. >> the conservative wants to tell people how to live. stuart: judge, we'll talk about that again, i'm sure. listen to this, we have a basketball legend here with us, john starks, whether the nba can ever compete with pro football. plus, how much do you think the federal government spends to battle global warming? you'll be staggered by the number which we will give.
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thrills, rough calculation of 70 points, for an all-time record high. if you want to know how the government spends your tax dollars take this for an example. according to the deadly cholera the federal government spent $22 billion on global warming related issues this year. programs like scientific research, renewable energy technology, subsidies for grain related projects.
to put that in perspective the government will spend $12 billion on border security this year. $22 billion on green related issues. we thought you would like to know. and analysis. he played 13 years in the nba, eight years with the new york knicks, was part of an iconic rival or with michael jordan and the chicago bulls, in the star john stock is with us. welcome to the program. we followed the flow of money. we followed the flow of money, look at it and the flow of money is away from basketball and baseball and galling to football. what you going to do about that? >> i know what i can do. stuart: why is it happening? >> not sure what the reason is that basketball, in a good place right now, the beleaguered all-time high with popularity, obviously, over the years we continue to grow and look
better. stuart: everybody knows you were in the greenroom mob guy -- i know you were. everybody knows that you have this great rivalry with the chicago bulls. that was the day of basketball as the game changed from then to now it's a way? >> oh. the popularity -- stuart: has it changed? >> the style of play is not as physical as it was when i played. that is what made the rivalry so intense because of physical competition. stuart: has it become more physical? >> during the playhouse it goes back to the playoffs, where you get the intensity level and the physicality. stuart: the chicago bul's.
not now? >> not as physical as it was when we play. there is some physicality in the game. more up and down. stuart: that is what football is so popular. they go at it, they get hurt, got to bring that back. this is the financial program. you may lot of money in your time. have you held onto it? >> i have been doing a good job. i have a footwear company i am involved with, to help -- stuart: when you manufacture that? >> it helps prevent wrinkles brain. you know the nasty injury most guys get in the nba, we eliminated that. stuart: when you plan on being the next 90 or adidas? >> we hope they come a board. stuart: and money. >> 400% in sales.
stuart: where do you make the issue? china? >> we make in china. we are doing -- we only have as well as eastband finish line and we are doing very good. stuart: when you hold on to your money, you bell issue company and you are going forward with your career and your life. you are a happy man. >> i am a happy man, a blessed man. charles: he has the most famous blocked shots in nba history. stuart: what is that? >> you know what a dunk is? stuart: stop it. >> i get it. stuart: define a dunk. you hold the ball, you jump way up and you slam that down into the baggage. charles: and michael jordan's
grill. stuart: i'm just playing along. stuart: congratulations. >> thanks. stuart: superstorm sandy hit the east coast one year ago, caused a run on generators. the big maker of generators cash in big. with no hurricanes or major disasters this year, is the company worried? the disaster struck after all and the ceo is with us in a moment. so i can reach ally bank 24/7, but there are no branches? 24/7. i'm sorry, i'm just really reluctant to try new things. really? what's wrong with trying new things? look! mommy's new vacuum! (cat screech) you feel that in your muscles? i do... drink water.
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peer stuart: the big story is obamacare, house ways and means committee grilling the cagey on capitol hill right now all. paula disaster. rich edson is following the hearing. you have something on enrollment numbers. >> you know what the hearing has been like for the last 15 minutes which is the entirety of the question and answer. listen to this. >> how many people enrolled in the exchanges? >> that number will not be available until mid november. >> you replay that over and over again. stuart: it is incredible. does she know the numbers or is
she -- doesn't she know? she has got to know the numbers, she just won't revealed demand that is ridiculous in front of congress. >> that is what chairman camp was asking and repeats in november we will let you know. stuart: you have tough duty today. you are the man for it. today, marks the 1-year anniversary of hurricane sandy. one company that made headlines back then was a tough time, that company was what makes what charles callsy daddy of generators and i call the rolls-royce of generators. of the big after the storm. joy anemias the ceo who is with us as we kickoff fox business's day at the plant in wisconsin. welcome to the program. we referred to you as a disaster stock because you kind of need disasters. there haven't been any, heaven
forbid, there haven't been any disasters. your stock is going under a narrow band. what are the prospects for growth in the future? >> we change the company quite a bit over the last few years and if you wind back three years ago, storms and disasters matter lot more to this company but we have done a tremendous amount, doubled the size of the company in three years, doing smart things to create our own storms. stuart: wall street doesn't expect you to grow very much. how do you account for that? >> we have grown a lot in the last two years. what we like to think of is when you get events like sandy or irene the company grows, we will take a big leg up but level of. holding on to that growth we have gotten the last couple years, a remarkable feat in and
of itself. stuart: i've bought one of yours, it is a beautiful machine, top align, paid big bucks for it. it is a beautiful machine. i won't have to replace it for 20 years. not enough business built into the future. that is a problem for you. your machines are so good they are not replaced for quarter of a century. >> they are good because they need to be. you need when you're power goes out. the fact of the matter is, there are only a few things that have what you have, standby generators like that. the future obviously there will be replacements cycles, building products for 15 years and we think there are five to ten years before the replacement cycle kicks in but also 3% penetration, tremendous amount of growth. how many manufacturers can say 90% of the houses are potential customers for their product? stuart: well said.
thanks for having fox business at your plant all day today. we will be returning to the plant and returning to you later on fox business. thanks for being with us, we appreciate it. you didn't quite get one. stuart: charles: we were close. we were right up to the permitting process and we had to get it. we always needed power. it is one of those things. it is going to be art, this model change, disaster preparedness to tell people you got to have this thing anyway no matter what because it is not cheap. stuart: is this the most debt -- the testimonial is fantastic. it bought peace of mind when the weather turned sour outside, you might have had a power outage, now you don't worry. charles: i am not talking about those things, you have to check the oil and make sure there is gas, keep it in the garage and the only light of one room. stuart: mine is so big we had to
have planning permission where to put it on the property. charles: they stopped working on the superbowl to put your finger in and they said okay, that is it. stuart: dow industrials up 56 points. apple is not taking off. we thought it might but it is not. down $2, $5.27 is the latest quote. country star trace adkins has a new album out. a success story, this guy from on no name oil worker to grammy nominated musician and he is going to be here next to me in a moment. in today's markets, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal
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like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger. stuart: here is what sears is looking into, separating land's head and the autumn center business from the rest of the company. he would like to pursue a spinoff plan. and already started repositioning the auto center. and between closing some of its unpopular stores. it was up 6% on that news. walmart kicking off a holiday season with a surprise promotion for 25,000 workers. starting the day at one of the
retail stores in new jersey continuing in 15 other markets into early next year. the hourly workers promoted to different jobs including store management and will receive a pay raise. walmart stock 77, up 1/2%. we will be back. trace adkins is with us with a christmas album. baron of the build-out. you need a permit... to be this awesome. and from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. (aaron) purrrft. (vo) meee-ow, business pro. meee-ow. go national. go like a pro. ♪
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peter: when you're listening to tree seconds, a song from his new christmas album called the king's give the. it goes on sale today. trace atkins is in nashville and joins us now. we have met before briefly. listen to that voice. what a voice. you want my job? you could do it very well with a voice like that. you could. the king's gift. that is a very christian record, isn't it? are you a question? >> of course, yes. i don't shy away from saying christmas and this is the christmas record called the king's gift and something that you might appreciate, this whole album has a kind of caltech feel
to it. and 15 years or so that is the kind of christmas record i wanted to make a. that is the direction we went, got the chieftains. don't know if you are familiar with them or not but the chieftains came and played on some of the stuff with us and silent night which you were just playing, kevin costner sings the second verse of that song, don't know if you got to not. he was on his record. stuart: is that right? wethat. don't think we got to. i wish we did. your background, i think you are an american success story. you were an oil worker way back when. were you not? and you pull yourself up by yourself and that is the america you represent. >> i like to think so. i enjoyed my time working in the oil field and i worked in the oil field for ten years.
and offshore on the drilling rig, that work ethic has served me well and the entertainment industry as well. i get up every morning knowing it doesn't matter what i did yesterday, i can't rest on my laurels. i have to get up today and hit it hard again and that is what i keep doing and now i have got into a place where i do what i want, this christmas record is an example of that, the kind of record i always wanted to make and do the record i always wanted to do. stuart: do you think the rest of america is the way you are? >> in that respect? stuart: work, getting up every day, doing your best, you got a work ethic to die for, is that -- do you represent modern america or something from the
past? >> you know. let me be honest with you, i don't work for a living any more. i used to work for a living. now i get to did -- i am one of those fortunate people that my hobby turned into my career so i am very blessed in that respect. i come from that world, that blue-collar world, and come from that world where doesn't matter what job you did yesterday i have to get up and better that today or at least do as well and that is the approach i have taken in the music industry and entertainment business. it served me well. stuart: we really enjoyed having you on the show. i am rushed for a time but i want to play more of your music because it is terrific and we will be doing that. thank you for being with us today. >> good to talk to you again. stuart: i would do anything for a voice like that. do you think that is of voice?
rich bass voice. charles: my favorite prey second song, i think about my daughter, my 20-year-old daughter and a lot of times when i listen to what i shed a tear. and amazing song. stuart: it is not on this album? charles: nobody is amazing. stuart: charles, let's get back to him. he says avon. charles: the ceo, chinese heritage was going to make the company big in china, networked out. classic turnaround. 24, $25, backed up by warren buffett. they are getting back down, the new ceo has turned the company around. making tons of money in latin america, europe turned around, i love the way the stock is acting. not all the components i
typically look for but for a long term buy or hold that is worth it. i gave you trading like a dinner earlier, and -- stuart: what is long term to charles payne? charles: if the government is 20% tomorrow, other than that three to six months. stuart: do you know how long i have phoned microsoft waiting for that? charles: people held stock for three years on average ended all turned upside down in the 1990s and never recovered. that is a shame. i wish we could buy stock for three or four years instead of every earnings report that missed by a penny and the stock plungeds. how do you operate a business these days? stuart: especially if you make a profit and pay a great big capital gain tax on it. what is the joy and that? make a come back. can't hit the story enough. the obamacare disaster. charles reacts to what one
doctor said about the law on this show yesterday. you won't believe what she said. y became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade. a reido more with less withwim. buss energy.hp is help. soon, the world's most intelligent servers, designed by hp, will give ups over twice the performance, using forty percent less energy. multiply that across over a thousand locations, and they'll provide the same benefit to the environment as over 60,000 trees. that's a trend we can all get behind.
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why is big business go scared of the house plan on immigration? we will be joined by douglas holtz-eakin on the renewed push by the big guys from the right tonight at 7:00 eastern. stuart: take a look at as low. it is down big now, had opened a little higher earlier today. the only news is that a second car fire reported last hour, it was a car that hit two walls, caught fire, we put that story out, the stock is down eight points. not sure there's a connection between us putting the story out and a big loss but it is a big story today, the big story at the administration, knew that ten million people would lose insurance under obamacare. despite promises to the contrary. remembered dr. alice chin on "varney and company" yesterday, here is her explanation. kicked off the plan that they
like. >> the plan is actually -- stuart: a choice doctor and out of our hand the government will decide what level of care they get. how much they have to pay for it. let's be clear, ten million people will be kicked off the plan that they like, which they chose. and kicked into a higher price plan with a bigger deductible and more co-pays. that is a disaster. charles: we know better than you, you think you like something? we know what you like, we went to harvard. i you nuts? let us decide what you need. if you get pregnancy screening we will get that in. if you are 20 we will do something for you about dentures. they have crushed this thing, kill the and it is a shame. stuart: i think they lost the establishment media. charles: i don't know about that. they're reporting on it but not with a vitriolic that if it were
president bush they would. stuart: let's focus on the economic impact. i will bring you your take on obamacare, the economic impact. always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances.
>> last hour i gave you my take an economic impact of obamacare. a lot of your comments were about the president himself and the mainstream media finally taking him to task over obamacare. when has this to say about the president. he is a child, acts like a kindergartner. most point fingers as an attempt to place blame anybody but themselves. the white house press has thrown obama only softballs for so long and he has gotten used to be able to fit lies out of the park. kevin says he will be blaming those evil insurance companies for the increase, not the law that caused them. you are right, sir, that is exactly what is happened this morning. we appreciate your input on this very important subject. that is it from me.
now here is dagen. dagen: thank you. health care on an even hotter seat. capitol hill testimony on who knew what about the shortcomings of obamacare. and talk about hotter than they have been since the heavy date of the housing bubble. home prices. any better place for your money right now? spying on your friends and i'm not just talking about in the bathroom when they're in your house but former cia agent on a laid his head to nation's intelligence gathering. and facebook romance, social network can now predict if you are on the verge of getting a dear john or a dear john letter from your significant letter. who writes letters anymore? i bet you connell mcshane does. he is old school on this hour of "markets now." connell: that literally makes no se